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February 17th, 2009, 08:56 PM #1GM announces layoffs, etc.
February 17th, 2009, 09:29 PM #2
I just read the 177 page pdf they released today and I think they are on some good stuff. I mean smoking good stuff.
You can read the pdf here http://gmfactsandfiction.com/wp-cont...1709-final.pdf
February 18th, 2009, 03:44 AM #3
Quite a lot of people in my part of the world rely on GM for their jobs, either directly or indirectly.. so it is a worry.
But.. GM (and Chrysler, and Ford) are NOT building cars that consumers want to buy. Making stuff that people don't want should not lead to an automatic bail out, because it doesn't fix the problem.
Here's the thing - if GM went bust, then on the surface that would appear to be a very bad thing. But all that it would mean is that the unprofitable bits close down, the profitable bits of GM get sold on or continue and other US manufacturers will be able to take advantage of the situation and increase their market share (and hire more people).
So, what do you want? Three big companies dependent on state aid (because Ford will surely need it at this rate?) Or two big companies that are NOT dependent on state aid?
One thing is for sure, if these manufacturers just end up taking a welfare check every month, then I don't think the situation is ever going to improve.
February 18th, 2009, 03:56 AM #4
I agree that failing business should be allowed to fail. It's how capitalism works. And who gets the bailouts?, the ones who are 'connected'.
But I don't think that no one wants to buy american cars, they are worried about their job and house, so are putting off buying that new car. Even toyota (I'll never buy another one) is hurting.
February 18th, 2009, 10:42 AM #5
- Join Date
- January 6th, 2009
- Orlando, FL
The scale of layoffs that is happening now if really unfortunate! I worked in sales and was very successful for one of the largest US corporations. I saw how cut throat they were. Bottom line is that many of the upper management operated in a manner that was beneficial only to themselves. The larger their bonus' the happier they were with you. However, they did everything in their power to make your bonus' smaller all at the same time pushing you to work harder.
After 70 hour work weeks for years, I saw the light and started working for myself. The only person that can lay you off when you are running your own business is yourself. I hope many of these folks that will be laid off will pick themselves up by the bootstraps and start working for themselves. Capitalism does work!
February 18th, 2009, 11:04 AM #6Originally Posted by simcat
The danger is, if GM is kept alive then Chrysler will need a bailout, and Ford will suffer because of the distorted marketplace and need a bailout too.
If you want a lesson about what happens when car companies become dependent on state aid, then read up on British Leyland .
February 18th, 2009, 02:48 PM #7
- Join Date
- January 18th, 2005
- Nunya, Business
So they're projecting unemployment will go up to -
"Under the new projections, the unemployment rate will rise to between 8.5 and 8.8 percent this year"
Fed sees deepening economic pain this year
Shrinking output and substantial unemployment rate until 2011
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